On an 18 day uptrend, Today's session might suggest a slow down — without a clear-cut direction, Costco is trading around $530 and ranging between $528.13 and $533.64.
United States's Consumer Confidence new data released of 100.2 below its previous figure.
Costco's state is reflected by market data as highly important Consumer Confidence data from United States beat analyst expectations of 100 with a reading of 100.2. United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Sep) released today at 14:00 UTC with a figure of 10.4, while the previous figure was 13.1. Fresh CFTC Crude Oil speculative net positions data from United States came out at 252,500.
Costco made an initial break below its 5 day Simple Moving Average at $530.88, a possible indication of a forthcoming negative trend. On the other hand, note that Costco is approaching key support, around $2.16 away from $527.83. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests Costco is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other consumer staples stocks as Procter & Gamble is down to $145.36, losing 0.85%, after ending yesterday at $146.6. After closing the previous session (yesterday) at $183.89, PepsiCo lost $1.56 and is trading around $182.33.
Furthermore, the market is looking at United States Pending Home Sales is projected to outperform its last figure with -5%. It previously stood at -10.2%; data will be released tomorrow at 15:00 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -2.49 million. It previously stood at -3.69 million; data will be released tomorrow at 15:30 UTC. United States ADP Nonfarm Employment Change (Nov) will be released tomorrow at 13:15 UTC.
Having set a significant high of $608.05 6 months ago, the wholesale giant is trading 27.49% lower.